The ease of preparation and potentially high rewards make phishing attacks is one of the most common ways for criminals to steal personal or corporate data that might help execute major data breaches.
The latest data shows that the average cost of a data breach for affected companies in 2024 was $4.88 million, and in some cases, it took almost 300 days to resolve the breach.
Adrianus Warmenhoven, a cybersecurity expert (NordPass), has explained to Digital Journal about the importance of the preparation and execution of phishing attacks that might incur a large financial loss.
“The median time users fall for phishing emails is less than 60 seconds. Nevertheless, preparing and performing a phishing attack does not take much time. Actually, phishing is easier than assembling flat-pack furniture,” says Warmenhoven.
“Phishing has become very simple and easy. Criminals use AI tools to craft an email that appears to be from a legitimate source, such as your bank, employer, or even a friend or family member, but leads to a malicious website. Nowadays, you do not even have to be a coding genius to build convincing copies of trusted websites where you could lead your victim. Some tools can clone entire websites in just a few clicks. This all makes phishing more frequent and effective,” adds Warmenhoven.
How to protect yourself from phishing attacks
Effective prevention starts with awareness training, such as recognizing suspicious emails, links, and attachments. Nevertheless, various tools can help prevent phishing attacks, which could lead to personal data loss and significant data breaches in organizations. To avoid the worst-case scenario, Warmenhoven recommends the following measures:
Identify compromised data
Regularly monitor your accounts and services for signs of data exposure. Tools like the Dark Web Scanner can help you stay informed about breaches involving your credentials. Turning on breach alerts allows you to act immediately when your information is compromised, reducing the risk of further damage.
Activate autofill in your password manager
Password managers like NordPass provide an added layer of security by not autofilling credentials on suspicious websites. This behavior helps you spot potential phishing attempts. Ensure your password manager is configured to require URL matching before filling in sensitive details.
Use complex and unique passwords
Avoid reusing passwords across different accounts. A strong password should be at least 8 characters long and include a mix of letters, numbers, and symbols. A password generator can help create a strong, random password on the spot.
Activate multi-factor authentication (MFA)
Adding an extra step to your login process makes it significantly harder for attackers to access your account, even if they have your password. Set up MFA wherever possible.
